I’m doing a trust in New York because I have a condo property to be left to my children. My fiancé and I both own a home in Georgia the right of ownership he passes. I get it if I pass he gets it. He is six years older than me. Can I put the George property in my trust? Do I need his permission? He would probably give it to me anyway. Thank you.
Your content has been so helpful. Thank you for being generous with your expertise and knowledge. We are currently working on doing this very thing from the state of WA. The process and choices have felt daunting. We are trying to weigh the benefit of changing our residence to AZ or Alaska (we have property in both of those states as well as in WA). We are trying to understand the impact of a property that was purchased over 40 years ago, now owned clear, value greatly increased and how the step-up basis figures into this. When the bulk of one's assets and income is real estate related, we find this recommended path of trusts hard to wrap our heads around when it comes down to actually setting them up. We have a great lawyer working with us, yet even still, we are unnerved as to if we are making decisions that will play out well.
Thanks for what you do educating the public on how important it is to create a trust, I’ve had to update my trust a couple of times over the past 20 years since they took the property out of the trust to refinance it and I had to put it back into the trust afterwards. Recently sold a property that was in another state that was in my trust, so that definitely worked as your saying.
Just wondering and this is more for everyone, when you put a property in a trust that has a mortgage on it, is it possible for the mortgage lender to call the note?
I’m doing a trust in New York because I have a condo property to be left to my children. My fiancé and I both own a home in Georgia the right of ownership he passes. I get it if I pass he gets it. He is six years older than me. Can I put the George property in my trust? Do I need his permission? He would probably give it to me anyway. Thank you.
Your content has been so helpful. Thank you for being generous with your expertise and knowledge. We are currently working on doing this very thing from the state of WA. The process and choices have felt daunting. We are trying to weigh the benefit of changing our residence to AZ or Alaska (we have property in both of those states as well as in WA). We are trying to understand the impact of a property that was purchased over 40 years ago, now owned clear, value greatly increased and how the step-up basis figures into this. When the bulk of one's assets and income is real estate related, we find this recommended path of trusts hard to wrap our heads around when it comes down to actually setting them up. We have a great lawyer working with us, yet even still, we are unnerved as to if we are making decisions that will play out well.
Thanks for what you do educating the public on how important it is to create a trust, I’ve had to update my trust a couple of times over the past 20 years since they took the property out of the trust to refinance it and I had to put it back into the trust afterwards. Recently sold a property that was in another state that was in my trust, so that definitely worked as your saying.
Just wondering and this is more for everyone, when you put a property in a trust that has a mortgage on it, is it possible for the mortgage lender to call the note?